TMI Blog2019 (5) TMI 1324X X X X Extracts X X X X X X X X Extracts X X X X ..... t ₹ 74,77,297, and has ultimately computed the tax liability of the assessee on the book profit determined under section 115JB. If we examine the legal position, it can be seen that the Hon'ble Delhi High Court in CIT v/s Nalwa Sons Investment Ltd. [ 2010 (8) TMI 40 - DELHI HIGH COURT] has held that when the income of the assessee is computed u/s 115JB of the Act, penalty under section 271(1)(c) of the Act on the basis of additions / disallowances made under the normal provisions of the Act would not survive. - Decided in favour of assessee. - ITA no.3683/Mum./2016 - - - Dated:- 22-5-2019 - Shri Saktijit Dey, Judicial Member And Shri Manoj Kumar Aggarwal, Accountant Member For the Assessee : Shri Kir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Officer initiated proceedings for imposition of penalty under section 271(1)(c) of the Act and ultimately passed the order under the said provision on 31st March 2014, imposing penalty under section 271(1)(c) of the Act for an amount of ₹ 26,70,921. 4. Though, the assessee filed an appeal against the aforesaid penalty order, however, learned Commissioner (Appeals) confirmed the penalty imposed under section 271(1)(c) of the Act. 5. The learned Authorised Representative submitted before us, while giving effect to the order of the learned Commissioner (Appeals) for the impugned assessment year, the Assessing Officer has ultimately computed the tax liability of the assessee under section 115JB of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made under the normal provisions of the Act, the Assessing Officer imposed penalty under section 271(1)(c) of the Act. However, while giving effect to the order passed by the learned Commissioner (Appeals), the Assessing Officer in his order dated 26th July 2017, a copy of which is placed before us by the learned Authorised Representative has computed the total loss of the assessee under the normal provisions of the Act at ₹ 74,77,297, and has ultimately computed the tax liability of the assessee on the book profit determined under section 115JB of the Act. Keeping in view the aforesaid factual aspect if we examine the legal position, it can be seen that the Hon'ble Delhi High Court in CIT v/s Nalwa Sons Investment Ltd., 327 ITR 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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